What I love about it is that it isn't complicated, gets the job done, and my kids enjoy it. I did get the cd-rom to go with it this time since my ds is on the younger side. When I went through with my ds9 (at 7) I did not use the cd-rom. The cd-rom isn't one where you walk away from your kid and they are left to their own devices either. You still need to guide them with the cd.
We had been using Reading Eggs and Hooked on Phonics. DS was going through the maps and progressing and such, but when I would go back and use a "real" book with him the skills weren't there. He liked the game aspect and he could keep doing the map activities over and over again until he got them right. So it was more a process of elimination and guessing at a certain point for him.
To me the best thing is the cozy couch time just laid back without the stress of juggling all the gadgetry to learn to read. With my previous children, I have used Abeka phonics (lots of extras there-flashcards a plenty), hooked on phonics (again cd, flashcards, and stuff to juggle...although the new dvd isn't bad if you hit a plateau and need to review a bit), the phonics game (bought and sold shortly after...enough said), Christian Liberty Press's Adventures in Phonics (so much writing for phonics-very hard for my son)....I think that is the gist of all the phonics that I have used or tried with 4 kids. My youngest had been using reading eggs (inlcuding the printed activity sheets), but I wasn't seeing any skills flow over so I watched him doing the maps and realized he is just guessing and using sight not learning phonics.

What I love about The Reading Lesson---
1. Simplicity! (no audio cd tracks to listen, no dvd's to watch, and no flashcards to flash)
2. Learning together! (we sit cozy and comfy on the couch and we work a couple of pages together-I don't log him onto a computer and then walk away)
3. It works! (5 months of reading eggs and 5 maps later when he supposedly knows tons of cvc and blending and 27 sight words....and he couldn't read sat from a book...-1 day of The Reading Lesson yesterday reading through 3 pages of lesson 1 my son started to blend sounds for words)